BEAVER
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 83 days after the deadline Filed on 22 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00567033.
Annual accounts 2025 filed on 22-10-2026 at the NBB all 48 filings
Turnover
≈ €360,000
Estimated: probably between €220,000 and €680,000
Total assets
€958,596▼ 1.5%
2024 · €973,475
Net result
€583▼ 60.8%
2024 · €1,489
Working capital
€180,196▲ 3.5%
2024 · €174,063
In the rankings
#8 oldest company in Machelen, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,930
▼ 72.0%
2025
20182025
Net result
€583
▼ 60.8%
2025
lowest quarter of the sector
20182025
Equity
€226,426
▲ 0.3%
2025
middle half of the sector
20182025
Total assets
€958,596
▼ 1.5%
2025
middle half of the sector
20182025
Debt
€732,170
▼ 2.1%
2025
20182025
Working capital
€180,196
▲ 3.5%
2025
middle half of the sector
20182025
Solvency
23.6%
▲ 0.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.28
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.4
▼ 27.3%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,933-€6,563▼ 45.0%€4,616▼ 29.7%€7,710▲ 67.0%€4,077▼ 47.1%€10,980▲ 169%€24,709▲ 125%€6,930▼ 72.0%
Net result€116-€2,531▲ 22×-€1,089below the sector's middle half€1,103within the sector's middle half€211below the sector's middle half▼ 80.9%€5,732within the sector's middle half▲ 27×€1,489within the sector's middle half▼ 74.0%€583below the sector's middle half▼ 60.8%
Equity€215,865-€218,396▲ 1.2%€217,308above the sector's middle half▼ 0.5%€218,411above the sector's middle half▲ 0.5%€218,622above the sector's middle half▲ 0.1%€224,354above the sector's middle half▲ 2.6%€225,843above the sector's middle half▲ 0.7%€226,426within the sector's middle half▲ 0.3%
Total assets€741,506-€899,984▲ 21.4%€926,286above the sector's middle half▲ 2.9%€684,704above the sector's middle half▼ 26.1%€670,222above the sector's middle half▼ 2.1%€920,302above the sector's middle half▲ 37.3%€973,475above the sector's middle half▲ 5.8%€958,596within the sector's middle half▼ 1.5%
Debt€525,640-€681,588▲ 29.7%€708,978▲ 4.0%€466,293▼ 34.2%€451,600▼ 3.2%€695,948▲ 54.1%€747,632▲ 7.4%€732,170▼ 2.1%
Working capital€185,888-€203,424▲ 9.4%€199,320above the sector's middle half▼ 2.0%€195,578above the sector's middle half▼ 1.9%€198,812above the sector's middle half▲ 1.7%€208,697above the sector's middle half▲ 5.0%€174,063above the sector's middle half▼ 16.6%€180,196within the sector's middle half▲ 3.5%
Solvency29.1%-24.3%▼ 4.8pp23.5%within the sector's middle half▼ 0.8pp31.9%within the sector's middle half▲ 8.4pp32.6%within the sector's middle half▲ 0.7pp24.4%within the sector's middle half▼ 8.2pp23.2%within the sector's middle half▼ 1.2pp23.6%below the sector's middle half▲ 0.4pp
Current ratio1.37-1.31▼ 0.061.28within the sector's middle half▼ 0.021.43within the sector's middle half▲ 0.141.44within the sector's middle half▲ 0.011.30within the sector's middle half▼ 0.141.27within the sector's middle half▼ 0.031.28within the sector's middle half▲ 0.01
Return on assets (ROA)0.0%-0.3%▲ 0.3pp-0.1%below the sector's middle half▼ 0.4pp0.2%within the sector's middle half▲ 0.3pp0.0%below the sector's middle half▼ 0.1pp0.6%within the sector's middle half▲ 0.6pp0.2%within the sector's middle half▼ 0.5pp0.1%below the sector's middle half▼ 0.1pp
Staff (FTE)4-4=4above the sector's middle half=4=4=4.3▲ 7.5%3.3▼ 23.3%2.4below the sector's middle half▼ 27.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 72% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €958,596
Fixed assets
€128,637 ▼ 15.0%
Current assets
€829,960 ▲ 0.9%
Equity and liabilities €958,596
Equity
€226,426 ▲ 0.3%
Debt
€732,170 ▼ 2.1%
Debt's share of the balance-sheet total falls from 76.8% to 76.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,967▼
2024 · €47,508
Cash flow
€25,621▲
2024 · €24,288
Quick ratio
0.37▼
2024 · 0.66
Debt to equity
3.23▼
2024 · 3.31
ROE
0.3%▼
2024 · 0.7%
Interest coverage
3.01▲
2024 · 3.00
Debt ≤ 1 year
€649,763▲
2024 · €648,153
Debt > 1 year
€80,539▼
2024 · €99,091
Income taxes
€1,798▼
2024 · €8,733
Staff costs
€104,717▼
2024 · €150,857
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 3 | 2 |
| full-time | 4 | 4 | 4 | 3 | 2 |
| in full-time equivalents | 4 | 4 | 4 | 3 | 2 |
| Average over the year, in full-time equivalents | 4 | 4 | 4.3 | 3.3 | 2.4 |
| On a permanent contract | 4 | 4 | 4 | 3 | 2 |
| Joined | - | - | 7 | 7 | 1 |
| Left | - | - | 7 | 8 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,968 | €3,240 | €725 | €158,400 | €2,416 |
| Depreciation and write-downs of the year | €12,224 | €12,965 | €4,878 | €22,799 | €25,038 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €121,863 | €47,089 | €152,890 | €150,857 | €104,717 | ▼ 30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,892 | €15,912 | €10,778 | €12,224 | €12,965 | €4,878 | €22,799 | €25,038 | ▲ 9.8% |
| Other operating charges640/8 | - | - | - | €5,817 | €5,283 | €6,818 | €7,396 | €5,638 | ▼ 23.8% |
| Gross operating margin9900 | €141,146 | €204,320 | €124,536 | €147,615 | €69,414 | €175,566 | €205,761 | €142,323 | ▼ 30.8% |
| Operating profit (loss)9901 | €11,933 | €6,563 | €4,616 | €7,710 | €4,077 | €10,980 | €24,709 | €6,930 | ▼ 72.0% |
| Financial income75/76B | - | - | - | €171 | €6,751 | €3,762 | €1,365 | €6,089 | ▲ 346% |
| Recurring financial income75 | €31 | €2,106 | €774 | €171 | €6,751 | €3,762 | €1,365 | €6,089 | ▲ 346% |
| Financial charges65/66B | - | - | - | €3,469 | €3,660 | €13,260 | €15,853 | €10,637 | ▼ 32.9% |
| Recurring financial charges65 | €9,293 | €3,284 | €4,666 | €3,469 | €3,660 | €13,260 | €15,853 | €10,637 | ▼ 32.9% |
| Profit (loss) for the period before taxes9903 | €2,671 | €5,385 | €724 | €4,413 | €7,167 | €1,482 | €10,222 | €2,381 | ▼ 76.7% |
| Income taxes67/77 | €2,555 | €2,854 | €1,812 | €3,310 | €6,956 | -€4,251 | €8,733 | €1,798 | ▼ 79.4% |
| Profit (loss) for the period9904 | €116 | €2,531 | -€1,089 | €1,103 | €211 | €5,732 | €1,489 | €583 | ▼ 60.8% |
| Profit (loss) for the period to be appropriated9905 | €116 | €2,531 | -€1,089 | €1,103 | €211 | €5,732 | €1,489 | €583 | ▼ 60.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €741,506 | €899,984 | €926,286 | €684,704 | €670,222 | €920,302 | €973,475 | €958,596 | ▼ 1.5% |
| Fixed assets21/28 | €46,721 | €31,717 | €24,791 | €29,535 | €19,810 | €15,657 | €151,258 | €128,637 | ▼ 15.0% |
| Intangible fixed assets21 | €923 | €115 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €42,808 | €28,611 | €21,801 | €26,545 | €16,820 | €12,667 | €148,268 | €125,647 | ▼ 15.3% |
| Plant, machinery and equipment23 | - | - | - | €20,917 | €16,820 | €12,667 | €9,344 | €7,505 | ▼ 19.7% |
| Furniture and vehicles24 | - | - | - | €5,628 | - | - | - | €1,846 | - |
| Leasing and similar rights25 | - | - | - | - | - | - | €138,925 | €116,296 | ▼ 16.3% |
| Financial fixed assets28 | €2,990 | €2,990 | €2,990 | €2,990 | €2,990 | €2,990 | €2,990 | €2,990 | = |
| Current assets29/58 | €694,785 | €868,267 | €901,495 | €655,168 | €650,412 | €904,646 | €822,217 | €829,960 | ▲ 0.9% |
| Stocks and contracts in progress3 | €262,153 | €274,154 | €268,153 | €506,634 | €550,953 | €431,447 | €395,841 | €588,085 | ▲ 48.6% |
| Stocks30/36 | - | - | - | €262,984 | €266,792 | €256,000 | €249,350 | €251,980 | ▲ 1.1% |
| Contracts in progress37 | - | - | - | €243,649 | €284,161 | €175,447 | €146,491 | €336,105 | ▲ 129% |
| Amounts receivable within one year40/41 | €83,016 | €246,848 | €84,185 | €114,076 | €57,000 | €324,837 | €371,388 | €204,106 | ▼ 45.0% |
| Trade receivables40 | - | - | - | €5,000 | €5,000 | €208,070 | €293,234 | €144,885 | ▼ 50.6% |
| Other amounts receivable41 | - | - | - | €109,077 | €52,001 | €116,767 | €78,155 | €59,221 | ▼ 24.2% |
| Cash at bank and in hand54/58 | €78,283 | €38,683 | €80,848 | €32,223 | €37,215 | €129,656 | €52,960 | €31,569 | ▼ 40.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,235 | €5,244 | €18,706 | €2,028 | €6,201 | ▲ 206% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €741,506 | €899,984 | €926,286 | €684,704 | €670,222 | €920,302 | €973,475 | €958,596 | ▼ 1.5% |
| Equity10/15 | €215,865 | €218,396 | €217,308 | €218,411 | €218,622 | €224,354 | €225,843 | €226,426 | ▲ 0.3% |
| Contributions10/11 | €133,652 | €133,652 | €133,652 | €138,870 | €138,870 | €138,870 | €138,870 | €138,870 | = |
| Capital10 | - | - | - | €133,652 | €133,652 | €133,652 | €133,652 | €133,652 | = |
| Issued capital100 | - | - | - | €133,652 | €133,652 | €133,652 | €133,652 | €133,652 | = |
| Contributions outside capital11 | - | - | - | €5,218 | €5,218 | €5,218 | €5,218 | €5,218 | = |
| Share premium1100/10 | - | - | - | €5,218 | €5,218 | €5,218 | €5,218 | €5,218 | = |
| Reserves13 | €19,617 | €19,617 | €19,617 | €19,617 | €19,617 | €19,617 | €19,617 | €19,617 | = |
| Non-distributable reserves130/1 | - | - | - | €13,386 | €13,386 | €13,386 | €13,386 | €13,386 | = |
| Legal reserve130 | - | - | - | €13,386 | €13,386 | €13,386 | €13,386 | €13,386 | = |
| Distributable reserves133 | - | - | - | €6,230 | €6,230 | €6,230 | €6,230 | €6,230 | = |
| Profit (loss) carried forward14 | €57,379 | €59,910 | €58,821 | €59,924 | €60,135 | €65,868 | €67,356 | €67,939 | ▲ 0.9% |
| Amounts payable17/49 | €525,640 | €681,588 | €708,978 | €466,293 | €451,600 | €695,948 | €747,632 | €732,170 | ▼ 2.1% |
| Amounts payable after more than one year17 | €16,744 | €16,744 | €6,803 | - | - | - | €99,091 | €80,539 | ▼ 18.7% |
| Financial debts170/4 | - | - | - | - | - | - | €99,091 | €80,539 | ▼ 18.7% |
| Amounts payable within one year42/48 | €508,896 | €664,843 | €702,175 | €459,590 | €451,600 | €695,948 | €648,153 | €649,763 | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €76,803 | €126,714 | €155,000 | €216,331 | €217,157 | ▲ 0.4% |
| Trade debts44 | €218,547 | €210,179 | €203,832 | €81,564 | €31,204 | €239,502 | €120,395 | €129,368 | ▲ 7.5% |
| Suppliers440/4 | - | - | - | €81,564 | €31,204 | €239,502 | €120,395 | €129,368 | ▲ 7.5% |
| Taxes, remuneration and social security45 | - | - | - | €27,931 | €18,403 | €48,448 | €42,607 | €25,007 | ▼ 41.3% |
| Taxes450/3 | - | - | - | €7,976 | €9,266 | €1,375 | €23,463 | €12,297 | ▼ 47.6% |
| Remuneration and social security454/9 | - | - | - | €19,955 | €9,136 | €47,073 | €19,144 | €12,711 | ▼ 33.6% |
| Other amounts payable47/48 | - | - | - | €273,293 | €275,279 | €252,998 | €268,820 | €278,230 | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €6,703 | - | - | €387 | €1,868 | ▲ 382% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116 | €2,531 | -€1,089 | €1,103 | €211 | €5,732 | €1,489 | €583 | ▼ 60.8% |
| + Depreciation and write-downs630 | €21,892 | €15,912 | €10,778 | €12,224 | €12,965 | €4,878 | €22,799 | €25,038 | ▲ 9.8% |
| Operating cash flow (approximation) | €22,007 | €18,443 | €9,689 | €13,328 | €13,176 | €10,610 | €24,288 | €25,621 | ▲ 5.5% |
| Investment in fixed assets (approximation) | - | -€908 | -€3,852 | -€16,968 | -€3,240 | -€725 | -€158,400 | -€2,416 | ▲ 98.5% |
| Change in cash | - | -€39,600 | €42,165 | -€48,626 | €4,992 | €92,441 | -€76,696 | -€21,391 | ▲ 72.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,984 companies had the same profile as BEAVER has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BEAVER itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,984 companies, not a prediction for BEAVER. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-10-2026 | 2026-00567033 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00539055 | |
| 31-12-2023 | micro format | 12-08-2024 | 2024-00350456 | |
| 31-12-2022 | micro format | 01-12-2023 | 2023-00520445 | |
| 31-12-2021 | micro format | 29-11-2022 | 2022-20527224 | |
| 31-12-2020 | micro format | 18-11-2021 | 2021-77800167 | |
| 31-12-2019 | abbreviated format | 02-11-2020 | 2020-68500190 | |
| 31-12-2018 | abbreviated format | 11-09-2019 | 2019-64300341 | |
| 31-12-2017 | micro format | 19-09-2018 | 2018-63700166 | |
| 31-12-2016 | micro format | 18-09-2017 | 2017-61300352 |